On October 1, 2015, Jacob's Beach Umbrellas borrowed $5,000 on a 12%, one-year note payable. Interest was payable semiannually. A correct adjusting entry was made on December 31, 2015, and a correct reversing entry was made on January 1, 2016. The entry that should be made on March 31, 2016, is
A) Interest Payable 300 Cash 300
B) Interest Expense 150 Interest Payable 150 Cash 300
C) Interest Expense 150 Cash 150
D) Interest Expense 300 Cash 300

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The Answer of On October 1, 2015, Jacob's Beach Umbrellas borrowed $5,000 on a 12%, one-year note payable. Interest was payable semiannually. A correct adjusting entry was made on December 31, 2015, and a correct reversing entry was made on January 1, 2016. The entry that should be made on March 31, 2016, is
A) Interest Payable 300 Cash 300
B) Interest Expense 150 Interest Payable 150 Cash 300
C) Interest Expense 150 Cash 150
D) Interest Expense 300 Cash 300

On October 1, 2015, Jacob's Beach Umbrellas Borrowed $5,000 on a 12